US NFP disappoints, but the rest of the report is solid
• NFP for March came 98k, far below the consensus of 180k. USD weakened on the news.
• However, the rest of the report was decent, with the unemployment rate dropping notably.
• Thus, USD quickly reversed its losses to trade higher against its major counterparts.
• This report keeps the door wide open for another near-term Fed hike, perhaps as early as June.
• Focus now turns to Chair Yellen’s speech today (20:00 GMT), for any signals on whether that scenario is likely.

Today:
• Norway: CPI data for March (06:00 GMT). Both the headline and the core rates are expected to have ticked up, which could support NOK.
• Speakers: Besides Fed Chair Yellen, ECB Vice President Constancio.

As for the rest of the week:
• Tue: CPI data for March from both the UK and Sweden.
• Wed: Bank of Canada rate decision. The BoC is forecast to stand pat. We think that the officials are likely to maintain a dovish tone overall, despite the latest improvements in economic growth. Also, UK employment data for February.
• Fri: US CPI and retail sales, both for March. Markets will stay closed in all G10 nations.

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